Youbet.com Files for Permission to Sell Up to $50 Million in Securities

Edited press releaseYoubet.com announced Monday that it has filed a $50 million universal shelf registration statement on Form S-3 with the Securities and Exchange Commission. Once declared effective by the Securities and Exchange Commission, the shelf registration statement would permit Youbet to sell, in one or more public offerings, up to $50 million in aggregate value of common stock, preferred stock, debt securities, stock purchase contracts and units, and warrants, or any combination of the foregoing.

Youbet has no immediate plans regarding the offer or sale of such securities.

Charles F. Champion, Chairman and CEO of Youbet.com, said, "We continue to evaluate a number of potential acquisitions in our core area of business and other domestic and international opportunities. Once effective, we believe that the shelf registration statement will provide Youbet with the additional flexibility it may need to fund these growth opportunities with registered securities. Any draw-down under the registration statement would require the prior approval of our board of directors."